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PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.
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MACROECONOMIC PROBLEMS Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The tragedy of life is not so much what men suffer, but rather what they miss. " -- Thomas Carlyle, Historian
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CARIFTA
Caribbean Free Trade Association
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